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Monday, 11 January 2021

More VC money looks to Egypt

High-growth tech startups in Egypt and the MENAP region are targets for UAE-based Access Bridge Ventures (ABV), which reached first close on a USD 25 mn regional venture capital fund, ABV said in a press release (pdf). The fund will look at startups in healthtech, edutech, fintech, enterprise-tech and Software as a Service (SaaS). ABV has so far landed commitments from Mubadala Capital, the Saudi Venture Capital Company, Jada, and several unspecified family offices.

Who is Access Bridge Ventures? ABV was established earlier this year by former IFC MENA & Pakistan Head Issa Aghabi (Linkedin) and Rakan AlRashed (Linkedin), who was previously part of Abraaj Group. The fund has so far invested in Egyptian logistics firm Flextock and Saudi auto marketplace Speero.

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